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GRAINS

December Corn closed up $0.06 1/2-cents at $5.85.

December corn closed higher on Wednesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. Closes above Tuesday's gap crossing at $6.04 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.38. Second resistance is the 20-day moving average crossing at $6.79. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4.

September wheat closed down $0.02 1/2-cents at $8.04 1/2.

September wheat closed lower on Wednesday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. Closes above the 20-day moving average crossing at $9.84 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $9.00. Second resistance is the 20-day moving average crossing at $9.84. First support is today's low crossing at $7.85 1/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed down $0.10 1/2-cent at $8.51 1/2.

September Kansas City wheat closed lower for the fourth-day in a row on Wednesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above the 20-day moving average crossing at $10.50 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.59 1/2. Second resistance is the 20-day moving average crossing at $10.50 3/4. First support is the 62% retracement level of the January-May rally crossing at $8.32 3/4. Second support is February's low crossing at $7.64 1/2.

September Minneapolis wheat closed down $0.03 3/4-cents at $8.86 1/4.

September Minneapolis wheat closed lower on Wednesday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. Closes above the 10-day moving average crossing at $10.08 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.08 1/4. Second resistance is the 20-day moving average crossing at $11.05 3/4. First support is today's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.

SOYBEAN COMPLEX 

November soybeans closed up $0.06 3/4 at $13.22 3/4.

November soybeans closed higher on Wednesday consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at $12.11 1/2 is the next downside target. Closes above Tuesday's gap crossing at $13.91 1/4 would signal that a short-term low has been posted. First resistance is Tuesday's gap crossing at $13.91 1/4. Second resistance is the 10-day moving average crossing at $14.18 1/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.76.

December soybean meal closed up $1.90 at $379.50.

December soybean meal posted an inside day with a higher close on Wednesday as it consolidated some of the decline off last-Thursday's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the decline off last-Thursday's high, the 50% retracement level of the 2020-2022 rally crossing at $365.40 is the next downside target. Closes above the 50-day moving average crossing at $399.40 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $418.00. Second resistance is the April 21st high crossing at $429.60. First support is Tuesday's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40.

December soybean oil closed down 78-pts. at 56.64.

December soybean oil closed lower on Wednesday as it extended the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. First resistance Tuesday's gap crossing at 62.01. Second resistance is last-Wednesday's high crossing at 67.76. First support is today's low crossing at 55.69. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.